We didn't quite get there in the Cricket World Cup and we've looked a bit shaky heading into the Rugby World Cup.

But in the great race to the bottom for global currencies, New Zealand is near the head of the pack.

The kiwi has fallen about 9 per cent in the past six months as our Reserve Bank has cut rates more sharply than many of its peers.


Lower interest rates mean lower yields for international currency investors so the kiwi is out of favour.

That's good news for our exporters but it is likely to start hitting